ARS Investment Partners, LLC

The clearest thread runs through nuclear power and the materials that feed it. BWX Technologies, which makes components for naval and commercial nuclear reactors, saw its share count more than triple (+207%, to $21 million), and the firm opened a brand-new $30 million stake in Cameco, the world's largest publicly traded uranium producer. MP Materials, the only US-based rare-earth mining and processing company of scale, also entered fresh at $17 million. None of this reads as a bet on nuclear or critical minerals as standalone commodity plays — it lines up with the fund's existing $75 million position in GE Vernova, the power-equipment spinout, whose value climbed 35% this quarter without much change in share count, and its top holding overall, an actively managed ETF wrapper (AFOS) that grew to 11.5% of the book.

AeroVironment, the drone and loitering-munitions maker, tells a parallel defense-industrial story: shares nearly tripled (+187%, to $31 million), while IBM — less obviously thematic, but increasingly positioned around AI infrastructure services — saw its share count jump 189% to a $29 million stake.